Evolution or regress of the size and scope of global phenomenon of money laundering

Al-Kasawnih Akad ()
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Al-Kasawnih Akad: Bucharest University of Economic Studies, Bucharest, Romania

Proceedings of the International Conference on Business Excellence, 2020, vol. 14, issue 1, 963-974

Abstract: The challenges facing an international economy in which the importance of the tertiary and quaternary sectors greatly increases, sometimes to the detriment of the primary and secondary ones, in which the financial flows far outstrip the real economic ones and in which the picture of the market participants is changed radically, they are increasingly numerous, more complex and require another type of mechanism to meet them. An almost organic companion of the processes of liberalization of the cross-border economic and financial flows and of the deregulation required by the alignment with the dominant economic philosophy, the non-functionalist one, has been the phenomenon of proliferation of tax havens towards which more and more financial assets flows for decades. These developments are concomitant with the deepening of income inequalities, between states but also within them, with the amplification of the acute lack of resources which can deal with some of the effects of worrying climate developments, with the placing of analysts in the academic environment but also of the political decision makers. of the subject entitled “just transition”. The amplification of the financial transactions carried out through these areas of derogatory taxation, has led to the accumulation of great dissatisfaction among several segments of the company that demand the reform of the economic governance mechanisms so that one can hope to correct the blatant malfunctions and to bring to light and bring to light under the control of civil society of societal deviant behavior from public morality and economic rationality. As a result of scandals of great media relevance, there has been an increasing tendency in international society to take measures, both nationally and internationally, which will help reduce the money-laundering phenomenon. The author intends to analyze the effectiveness with which a series has been implemented and regulations meant to place under a stricter control the evolution of the money laundering phenomenon. The emphasis is on the particularities of money laundering through the Internet and Electronic Commerce because using such a mechanism through the use of electronic financial transfer, the huge growth in the size and speed of financial flows can reduce the chances of detecting the movement of illegal funds.

Keywords: globalization; underground activities; money-laundering; three F`s; methods to hide the origin of dirty money (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:poicbe:v:14:y:2020:i:1:p:963-974:n:91

DOI: 10.2478/picbe-2020-0091

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